Report
EUR 9.28 For Business Accounts Only

Emaar Properties Q3 review


  • ​​Emaar’s Q3 revenues beat consensus by 6%, largely on strong development proceeds that are linked to execution. But net profit misses estimates by 6% on higher minority interest
  • Sales momentum slows down in Dubai, in-line with the broader market’s performance in Q3: Newly-booked sales amounted to AED 4.2bn in Q3 (+42% y/y, -20% q/q), of which AED 2.7bn were booked in Dubai (+97% y/y, -41% q/q) and AED 1.5bn internationally (-6% y/y, +133% q/q). Emaar’s revenue backlog increases to AED 48bn in Q3, which will be recognised over the coming 4 years
  • Total recurring income arrives flat q/q, but +7% vs. last year, mostly driven by Emaar Malls
  • We think that Emaar is capable of delivering 6k units (in Dubai and internationally ex-India) in FY 17e at the current execution speed.

Underlying
Emaar Properties (P.J.S.C)

Provider
Arqaam Capital
Arqaam Capital

Established in 2007, Arqaam Capital is a specialist emerging markets investment bank, bringing regional and international product offerings to the emerging markets. Arqaam Capital combines international best practice with expertise in the markets in which we operate. Our primary role is to provide financial intermediation and create investment opportunities for frontier and emerging markets investors looking to invest in their own markets and abroad, as well as international investors seeking opportunities in target frontier and emerging markets. Arqaam Capital is headquartered in the Dubai International Financial Centre (DIFC), with additional offices in Libya, Lebanon, Egypt, and South Africa. 

Arqaam Capital's research platform provides the largest coverage footprint of MENA equities and one of the largest on the African continent with a total of 300 stocks under coverage. Arqaam Capital is ranked as one of the leading research providers in the region - a reflection of its broad coverage universe, its in-depth and high quality research, as well the compelling investment ideas that the team generates. The analysts closely analyze their sectors and issue in-depth company and sector research while the strategy team connects the micro with the macro, focusing on index analysis, macroeconomics and strategy research. 

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